Did Equities See a Domino Effect from Cryptocurrencies?

Why Winklevoss Twins Are Still Bullish on Bitcoin

By Meera Shawn
|
Feb 13, 2018 10:25 am EST

Ripple led the way

The rise in cryptocurrencies seems to have slowed down as of February 13, 2018. Bitcoin has increased 2.3% over the past 24 hours and was trading at $8,687.5 as of 2:00 AM EST. Ethereum fell 0.14% during the past one day and was at $845.1. Bitcoin cash also slumped 2.2% to trade at $1,228.4. Cardano and NEO were down 2.3% and 0.16%, respectively. Ripple and litecoin rose 0.71% and 2.9%, respectively. Ripple was trading close to $1 and was the best-performing large-cap cryptocurrency (ARKW) (ARKK) on Friday, February 9. Ripple seems to be leading the rebound in large-cap cryptos. The overall market capitalization of cryptocurrency was at $414 billion, and its trading volume was at $17 billion over the past 24 hours.

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Top losers and gainers

On February 13, the top-performing cryptocurrencies for the day were U.CASH, revain, zClassic, and ethereum classic, which rose 42%, 34.5%, 17.7%, and 14.4%, respectively. The top losers on the day were smartCash, bitcoin gold, bitcore, and populous, which slumped 17.8%, 16.1%, 7.2%, and 6.3%, respectively.

Winklevoss twins

The famous Winklevoss twins remain bullish on bitcoin and are predicting a market cap of close to $4 trillion. They assume the price will appreciate 30 to 40 times in the longer term. They entered bitcoin when its price was close to $120.

They compare bitcoin to gold: “Taking bitcoin in isolation…we believe bitcoin disrupts gold. We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce…it’s more portable, its fungible, it’s more durable. It sort of equals a better gold across the board.”